
Due to the continuous increase in the prices of petrol and diesel, the government is under great pressure to cut their prices. To get relief from their increased prices, there is a demand to bring them under the purview of GST. Recently, the Prime Minister and then the Chief Economic Advisor Krishnamurthy Subramaniam also advised to bring it under the purview of GST. Before this, Petroleum Minister Dharmendra Pradhan has also suggested this. However, Finance Minister Nirmala Sitharaman has described it as religious. Now SBI economist Soumikanti Ghosh has said that after being brought under the ambit of GST, the price of petrol and diesel can come to Rs. 68.
Petrol and diesel fall in GST, 0.4% loss to GDP
Saumyakanti Ghosh has said in his assessment that petrol and diesel and the state governments will only incur a revenue loss of one lakh crore rupees which will be 0.4 percent of GDP. This assessment has been done based on the price of crude oil in the international market at $ 60 per barrel and a dollar-rupee exchange rate of 73 rupees per dollar. Both the central and state governments impose their tax on petrol and diesel. States apply VAT on petrol and diesel as per their requirement. The center imposes excise duty. With this, the center's cess is put on it. In some parts of the country, the price of petrol has reached 100 rupees a liter.
Saudi Arabia turned down India's request
Meanwhile, OPEC has ignored India's plea to lift applicable controls on crude oil production. At the same time, there has been an increase in the price of crude oil in the international market. Saudi Arabia has told India that it can use the crude oil it bought at the time when the price of crude oil went down significantly last year. Brent crude oil, which is the most used crude oil, rose nearly one percent to $ 67.44 a barrel on Friday.
Petroleum Minister Dharmendra Pradhan appealed to OPEC countries to reduce the restrictions imposed on production to bring stability in the price of crude oil. He believed that due to the rising crude oil prices in the international market, both the improvement in the economic sector and the demand are having a bad effect.
Neeraj Chopra's magic was also seen in the Asian Games 2023. Neeraj has added another gold medal
The Supreme Court on Tuesday reprimanded YouTuber Ranveer Allahabadia for using obscene language
Chinese President Xi Jinping met with King Salman and the Crown Prince of Saudi Arabia on Thursda
The Indian team will start its Super-8 campaign in the T20 World Cup 2024 with a match against Af
The Central Reserve Police Force (CRPF) has submitted its reply to the Ministry of Home Affairs i
Hanuman ji's birth anniversary is being celebrated today i.e. Tuesday 23rd Ap
Big B took a dig at 'biased commentary' during the India-Australia cricket match, and said this
India had won the first Test of the five-match series being played in Perth by 295 runs over Aust
Cruelty: Salty water being sold in the name of Remdesivir injection, the police nabbed the gang
The second wave of the Coronavirus is wreaking havoc in the country. More than 2.50 lakh new pati
SC on stray dogs. Today again, the Supreme Court heard the case regarding stray dogs in Delhi-NCR
Prime Minister Narendra Modi is going to visit America on the 21st of June. His visit is consider